When it comes to the monetary system, Ottoman history can be divided into three main periods: the Akçe Period (1327-1688), the Kuruş-Para Period (1687-1879), and the Lira-Kuruş Period (1879-…). Each period had its unique currency system that evolved over time. The Ottoman currency in the early modern period was mainly the Silver Akçe. From the early days of using only Silver Akçe to the introduction of gold coins, the Ottoman monetary system went through various changes and adaptations.

Akçe from Mehmet II’s reign, image via Wikipedia

The introduction of the Sultani gold coin by Mehmet II marked a significant shift in the Ottoman currency system. Prior to this, various foreign gold coins were used in transactions within the empire. Even after the circulation of the Sultani in the country, the Venetian Ducat, the Spanish Real, the French Franc, the Austrian Taler, the English Pound, and the Polish Zloty continued to be used in large-volume transactions. As Ottoman conquests expanded, different regions within the Ottoman Empire had their own circulating currencies. The adoption of the bimetallism system with the gold coin brought about changes in the value and exchange rates of different coins. Until the last period of the Ottoman Empire, 1 Kuruş was traded for 40 Para; 1 Para for 3 Akçe; 1 Akçe for 3 Pul (very thin coins).

Sultani gold coin of Suleiman I, image via Wikipedia

The value of silver and gold coins decreased over time, causing inflation in European countries and the Ottoman Empire. The influx of precious metals from the New World contributed to rising prices, as the increase in the stock of money led to economic changes.

Global economic crises and the use of foreign currency naturally found their reflections in early modern drama and literature, as well. While the space here is not enough to refer to all instances, there are some notable examples of the frequency of the use of Turkish coinage in early modern English drama and literature. Gold coins from the Mediterranean region in general, including the Ottoman Sultani, were referred to as “chequins,” a derivative of the word sikke which meant coin.

Not surprisingly, Ben Jonson’s Volpone (1605) refers to these coins through Corbaccio’s words “See, Mosca, look / Here, I have brought a bag of bright chequins, / Will quite weight down his plate” (1.4.67-69). Similarly, when Pander and Bawd talk about money, they also refer to it as “chequins” (4.2.27-28) in Shakespeare’s Pericles (1609).

1609 quarto, image via Internet Shakespeare

Richard Brome’s play Novella (1653) even has a character named after these coins. Alluding to both the geographical setting of the play and making fun of the avarice of people of law, the play has a character called Checquino who is Guadagni’s lawyer and prepares the marriage contract between Fabritio and Flavia.

Brome’s Novella (1653), image via Richard Brome Online

The fact that in most cases the word “chequins” is not explained at all in these plays, along with the frequency of its usage especially in other forms of literature, such as travel literature, illustrates to what extent the English were familiar with the Mediterranean/Turkish coins. For instance, in Samuel Purchas’s Purchas his Pilgrimes (1625), the word appears more than 12 times. Neither the meaning nor the exchange rate is described in this work, which might indicate that early modern English economics were not as insular as one might assume.

I hope that this short blog might serve its purpose and create interest in how money was a global phenomenon in the early modern period.

Select Bibliography

Cook, Brian. Angels and Ducats: Shakespeare's Money and Medals. London: British Library, 2012.

Gerber, Haim. “The monetary system of the Ottoman Empire.” Journal of the Economic and Social History of the Orient/Journal de l'histoire economique et sociale de l'Orient (1982): 308-324.